Western Shore Realty, LLC

This house for sale is a foreclosure in Lusby for 49,900! View more information below. Email me if you would like to view it or need more information.

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Below are samples of some of the houses we sold in Southern Maryland for under $68,000! The  Southern Maryland Best Buy List is free and delivered to your email weekly. Signup at: http://southernmarylandrentals.com/investors/ We search for the best buy properties in the area each week and send them to you. We will be having investor seminars coming up within the next few months as well. If you want to be notified when they come up just email me at phyllis@paxhomes.com

      518 WHITE SANDS DR, LUSBY, MD 20657

  Close Price:  $51,500

43880 SCRIBER LN, HOLLYWOOD, MD 20636

Close Price:  $57,000

  27064 CAPE SAINT MARYS DR, MECHANICSVILLE, MD 20659

  Close Price:  $54,600

Today my IDX (MLS search) software came out with an updated software version. To my surprise they have added an option to exclude foreclosures in your home search. At first I thought it was strange, but then more I thought about it, the more sense it made.  I have been so busy with problems from having 7 bank owned homes under contract and trying to get them to closing it was easy for me to see why a buyer would want to exclude foreclosures from their search. It has been a rough few months as a listing agent for bank owned homes in Calvert County. Here is an update on the crazy stuff that has been going on for me. There were so many problems I will only give you one crazy story each time I blog.

House #1: Deed had an issue with the lot size and wasn’t recorded properly, 2 sales had closed since the lot size suddenly increased form about 10 acres to 20 acres. Thankfully the buyer had their own title company or this would not have even been caught.  To correct the deed in order to close on this costs around $10,000. The buyer had financing in place and it was set to close except for this one deed issue. Believe it or not what happened is the bank took it off the market after making the buyer wait for more than a month. Just think of the time and money into this one from all parties.

The lessons learned here for buyers would be:

• Get Your Own Title Company
• Sometimes Being Patient Does Not Pay Off (you will have to know when to walk away)
• Paying for Something to be Resolved that Could Save Money Long Term Does Not Mean the Banks Will Proceed in a Logical Way.

 I will update you with some other crazy Foreclosure stories monthly, and then as they come up from time to time.

Here are the latest trends I am seeing when buying foreclosures in Southern Maryland

• Most Banks I am working with are fixing up homes with fresh paint and carpet
• Multiple offers on many properties some are going for more than asking price
• Banks unwilling to make repairs again
• Most banks I work with require me to use an outsourced company for dewinterizing which holds up home inspections
• One bank wants the buyer to inspect property prior to filling out bank addendums.

I will continue to keep you updated since the policies continue to change.

If you are interested in purchasing a vacation bank owned home you can view a list at www.SmdBeach.com

I list foreclosures for banks and here what is going on with foreclosures in Calvert County:

• Buyers are putting in very low offers even when there are multiple offers
• Banks are more willing to make repairs. I have lost so many buyers in the past because they would not make repairs
• Attorneys are pushing to have all title issues resolved before listing the house. This has held up a number of closings in the past.
• Investors are coming out with cash to buy properties
• There is still high turnover with asset management companies and their clients
• New auction company has arrived that will let the buyer agent write up a regular offer to submit. In the past buyer agents and buyers would not deal with auctions. Maybe this will help.

Luckily most of these trends are good ones. Banks need to do something because several reports have found a growing number of buyers including investors do not want to look at foreclosures when searching for a home.

If you are interested in viewing vacation foreclosure homes for sale signup at SMdBeach.com

After almost 2 months of being off the market and delayed closings, all of my clients have put their REO properties back on the market in Calvert County and St Marys County.

Unfortunately some buyers have found other properties to purchase during this time. The sudden flood of the paperwork required from my clients to get properties back on track is overwhelming.

If you want to view foreclosure vacation property in Calvert County sign up to get weekly listings emailed to you, visit our site.

This is a quick update on foreclosures in Calvert County and St Marys County.   Mortgage Servicer Affidavit Issues are starting to effect closings here. I have two under contract that are delayed due to this issue.   

One servicer pulled all listings to reforeclose on them. Some of my listings get offers and the banks can’t negotiate due to these issues. Another problem is I have 2 offers in from buyers that the bank can’t respond to until it is cleared up. It is a mess!

Thankfully it is not effecting all of my foreclosure listings. I have had two go to closing without problems this month and two scheduled to close next month without issues.

Below from National Mortgage Professional  online explains the process required to clean up the issues:

“With respect to the clearing of title for REO properties, servicers must confirm that the information contained in any affidavits relied upon in the foreclosure proceeding was correct and that the affidavits were completed in compliance with applicable law. If the servicer’s review indicates either (a) that the information in a previously filed affidavit was not correct or (b) that the affidavit was not completed in compliance with applicable law, the servicer must work with foreclosure counsel to address the issue consistent with local procedures and take actions as may be required to ensure that title insurance is available to the purchaser for the subject property in light of the facts surrounding the foreclosure actions.”

I will keep you updated on the foreclosure problems in St Marys COunty and Calvert County. when I find out more.

The first quarter of vacation home sales showed a large amount of dsitressed properties selling. Below is a chart showing the vacation home sales in Calvert County:

The second quarter of 2010 had more than double the sales of the first quarter but very few of the sales were distressed.

Foreclosures are expected to rise this year so it will be interesting to see if this trend changes. Many banks I am working with are beginning to fix up the homes before they are put on the market.

If you are interested in viewing bank properties in the area view listings on my website: www.SmdBeach.com

Phyllis Minik, Western Shore Realty, LLC, www.WesternShoreRealty.com